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which is trying to make a big stink about this suggesting that they wouldn't, for example, allow tax cuts or other types of things for certain companies and not others, right? this is whether we should have tax cuts. >> this happens all the time. totally incestuous between public and private constantly. look at places like illinois now where any company that stays is getting some kind of a deal except probably the small ones. >> except the small ones. any company of any size is getting a deal. >> maybe the rolls should be across the board nothing? >> no. >> a friend of mine, joannea kagan. >> didn't bob kraft do it in foxborough? >> i don't know enough. >>> let's talk about the next story. if you work on wall street and are considering growing a beard, an article in "the new york times" says that while beards are in fashion right now, that is not the case in the finance industry. i guess it's okay in fashion, it's okay in design. a lot of different areas if you're a helpster but in the fashion world, gentleman, the argument goes it looks like you have something to hide. >> you could
that want them to collect sales taxes from you. and that means you're probably going to pay more. i'm talking about being taxed on your internet purchases. i'll put it more simply for you. cnn's business correspondent christine romans is in new york to tell us why that's more likely. >> internet shales taxes, carol. supreme court decided it would not hear a case. it was probably the last cyber monday without sales tax for millions. states want tax revenue. online retailers want tax-free shopping. brick and mortar shops want online retailers to have the same taxes. uncollected sales tax, so the states want to find ways to get that tax revenue from web retailers. the sproem court decided not to get involved in appeals from amazon and overstock.com. the court let stand a ruling from a new york court requiring that internet retailers collect sale taxes even if they have no physical present in the state. this effectively ends, carol, ends tax-free shopping online for people and gets other states thinking about how they can bring in more taxes, too, carol. >> christine, thanks. >>> seattl
, not just a job. >> reporter: and allem, there are no new tax hikes or spending cuts on the horizon as a part of these budget battles. no major ones at least. so economists say that will also bodes well for the recovery. alex. >> kristin it, quick question about the president's schedule next hour. what is this, a saban forum he's going to be attending that and speaking? >> that's right. that is sponsored by the brookings institution. he's going to be speakinging there a forum on middle east policy. white house officials say it's up to the moderators to set the tone. i can tell you that the title of the forum this afternoon, alex, is power shifts, u.s.-israeli relations in dynamic middle east. the backdrop to this forum, the recent deal struck with iran to freeze iran's nuclear programs for six months in exchange for scaling back some of the sanctions, israel didn't like the deal. as you know, that created fresh tensions between the united states and israel. no guarantee that that will be discussed during the forum, but certainly one of the big issues in the backdrop. then of course,
lead to major changes in online shopping. it's all about how much tax you pay when you shop online. christine romans explains how this will affect your money. >> wolf, on the biggest online shopping day of the year, no less, the supreme court punting on the most important issue in retail right now. and that means millions of people may now have to pay state tax on their online purchases. now, states have been putting pressure on internet retailers to collect sales tax and amazon.com and overstock.com fought this effort with different results in different courts. it's a patchwork now of rulings and laws. now that the supreme court has decided not to the weigh in, states are likely to pursue the estimated $23 billion in uncollected sales taxes from web retailers. an increasing number of tats like new york have passed laws forcing internet-based retailers to collect taxes. amazon and overstock complained saying they don't have physical presence in that state. most retail analysts say the court is essentially ending a 20-year tradition of no sales tax on internet purchases. >> christin
are expected to pay 10% of their after-tax income for health insurance policy that might have a $2,000 deduct illinois and some states the deductible is up to $6,000. these people are the healthy, invincibles and not a lot of people have disposable income no matter they're age to to have to put 10% of your disposable income out for something that is a piece of paper with a big deductible, is an uphill battle to convince these people to purchase. >> bottom line, the site is up and running and getting better and more people log on. apparently they're doing so but don't like what they see and log off. >> well, yeah. again, i think what you're going to see here is the president and the administration generally are going to have a campaign unlike we saw in 2008, unlike we saw in 2012, to save obamacare and they'll be pushing hard to get the young invincibles signed up. they want to sign sign 7 million people up by march 31. they won't have a million and a half people by december 1, which is a big deadline. you have to believe people who want insurance, who value insurance, have preexisting conditi
federal tax credits. the government encourages you. >> tell us about those? is it worth it to do it for the tax credit? >> it's a good deal. average price is $30,000. you can't go very far on it, not happy in it. i haven't ridden in it. i'm just talking about what consumer reports said. >> you would class it up. >> i would pimp that ride, absolutely. >> what are car manufacturers thinking? is this a big bottom line boost for them or will they back off because they are not earning money on them? >> they are really cutting into their margins. they are doing that because there's no other way to move these things off the lot. again, a lot has to do with gas prices. once they go up we see more demand. prices for other cars are going up. in one month from october to november, on average 3%, 1.1% year over year. these drastic price cuts could get them off the lot. >> would be nice to get into a tesla. >> it's a pretty car. >> as far as the gas prices you're talking about, the gas taxes are going up? >> they could. lots of talk that the gas tax is the way to fund -- can't find money anyw
about it. >> check with your tax accountant. some stocks cannot really go in because of a business tax. you want to be sure. you've got to talk with your accountant about these. the stock had a not great quarter and it's been knocked down. and the master limited partnerships have been coming down. but i believe in rich kinder. rich kinder is not dick heckman. he had a terrific company around, this one's not it. rich kinder made a lot of people a lot of money. i'm not going to abandon that company. but i do honestly right now like linn energy right now. higher reats don't have to be the end of the world, conn's might be a microcosm. wouldn't you like to have a stock that goes up gigantically? or would you say i don't want that gain because rates are going higher? stay with cramer. >>> coming up -- nice view? hilton's more than $2 billion ipo is about to hit the street. are there better accommodations for your cash? or should you try and book a room in this newly minted spot? ♪ [ male announcer ] this december, experience the gift of exacting precision and some of the best offers of th
it was said there's 100 to $150 million of uncollected taxes. you go back 10 years ago using the same numbers, it's not realistic. number one, a lot of those people are businesses that are no longer here. we need the number as it relates to taxes. the same thing holds true for empty houses. i see the number constantly at 78,000. that's not a right number. it's a moving number on a monthly basis but it's not near to 78,000. >> when you say -- >> that was detroit mayor dave bing speaking on the ruling moments ago that detroit can file chapter 9 bankruptcy. he'll be joining us later this hour. but first "twelve days of christmas" and only eight days of congress. it's december 3rd and this is "now." don't call it a comeback. house of representatives back in washington this week presumably to resolve pressing legislative issues but more likely to waste taxpayer dollars fighting over the same old stuff they have been fighting about all along. as typical congress has given itself very little time to get anything done. the two chambers are in session together for just four more days this year. that i
names. >> stocks up, too. you're not going to have that big tax loss fear. a lot of people saying i can find inexpensive tech, i don't need to go into the cloud. although apple is saying this is about ibm being wrong and apple being right. >> there has been an expectation of a china mobile deal. >> yes. >> unbeknownst to most people who hold the stock. that being said, 740 million china mobile subscribers, there is a fairly large audience they could conceivably be addressing to try to buy smartphones. >> do you remember the conference call that was the open rebellion against tim cook? it was withone of these things e i thought it was 1948 where stillwell had just lost china and now he's making a move. he did not lose china. >> we'll see. that fortune story has a lot of people talking about whether china mobile makes a big move in this direction, having not carried their phones till now. >> maybe samsung -- don't hear a lot about samsung having a revolutionary new phone. >> no, although they've got a lot of new patents, they're going to do the curve thing or fold thing. >> maybe they hav
nothing with intiethsmentes, nothing with tax reform, nothing with -- just paying for some, you know, trying to lessi inen the effect sequestration. >> look at the different points on the board. at this point in the game, we'll take that, right? >> and then the other thing that i just wanted to mention in following up on our conversations is what's going on in china? my man. my man. for the democratic party, i'm with biden. did you see, they send him over to china, boom, done. send my man joe over there who is like yeah, yeah, pats a couple can people on the back, tells a couple of jokes, takes back a couple of things he said and everybody is friends. he does it here, too, but it's already fixed over there. >> we have joe on here. >> carries out the plan and -- blow hardy. you send joe over, boom, done, fixed. thanks, joe, .and then they go out to a club probably. i don't know. anyway, back to wall street's top stories this morning, the november november jobs report current nonfarm payroll, it's 180. do you know the number? you know the number? no, you don't know the number a lot. >>
reforming the corporate tax code, offer high quality preschool to every child, encourage low-income students to attend college, enforce collective bargaining laws, raise the minimum wage and he challenged republicans, who posed those policy proposals to step up and offer their own. >> you owe it to the american people to tell us what you are for, not just what you're against. that way we can have a vigorous and meaningful debate. that's what the american people deserve. that's what the times demand. >> but here's challenge. for republicans to offer proposals of their own, they would first need to acknowledge that the growing income disparity in america is in fact, you know, a real thing, and have to decide if ideolodge cll cli it's an issue wooirt dressing and if so if it is the government's problem to fix. joining the table is mark mor yell, president and ceo of the national urban league and former mayor of my city, new orleans, joel berg, the executive director of the new york city coalition against hunger, and ovit roy, a senior fellow at the manhattan institute. i want to ask amy quickly
warmed his hands on the panels and promised tax credits to people who put them on their homes and businesses. let's get energy independence, go solar, well, seven years later, a republican president named ronald reagan had the panels taken down, supposedly for repairs. this summer, new and improved panels got put back up, once again as part of a green overhaul on pennsylvania avenue. the new panels are expected to pay for themselves in energy savings over the course of president obama's tenure. but just down the street at the grand hyatt hotel in washington, the white house's solar panels are the object of scorn and strategy. it is the meeting of the exchange council, alec, the consortium, where mostly republicans fought for the passage in their states. the initiative is to punish american homeowners who choose to go solar, the idea is to make the solar-powered homeowners pay a penalty for using fewer fossil fuels, disincentivize the use. alec's stated objective is blocking the renewable energy at the state and federal level. touting their laws that reform, freeze or repeal st
pay taxes on it. it causes unemployment. >> what do you say to people who lose jobs? >> listen to me. >> that doesn't help. minimum wage has nothing to do with it. >> the increase is 5% in the last 35 years. this is not america. >> we have already doubled. >> this is america. i'm proud of my country. >> we have doubled the number of people on food stamps. >> you are against filibusters. >> here's the problem. what is jamu going to say to people who lose the jobs? >> section 8 housing, food stamps. >> when you pay a minimum wage -- >> no, raise the cost of products and people buy fewer. >> people on a poverty wage, they have to get food stamps. they have to be on medicaid. >> there will be fewer people employed. sean hannity, go to mcdonald's, wendy's and say who in line the to buy hamburger wants to pay additional money for it? it will raise the price of the burger. >> you will lower the amount of people on food stamps. you will lower -- >> you're making it up. >> this is a fact. >> you're not looking at the economics. >> stop, stop. please don't filibuster. have you ever worked in a
is traveling. >> enough not to pay taxes? >> no, no, i do pay taxes here. and the rates in new york with sales tax and everything and income taxes, state income taxes are roughly the same rate. so the tax equalization. i don't pay double. it gets offset. >> i don't know what that says, now we're equal to -- >> it's about 50%, basically is the marginal rate. >> you think that's fine? >> well, the british government reduced it from 50% to 45% and i thought that was wrong at the beginning of the conservative coalition because they said they were doing it to try and increase entrepreneurial activity. i think the best way to do that is a capital gains tax, not income tax. so i think that was misplaced. and i think at a time when people were worried about inequality and equality, which was high on the political agenda, i think it was the wrong thing to do. >> it brings up a lot of issues about income equality. and we know the one thing that solved income equality is growth and jobs. growth and jobs. not entitlements, not redistribution, it's growth and jobs. and some of the efforts to do it the othe
. >> they have to cut some deals. sears was a big -- >> right. but the tax revenues, whatever you get there, you're probably losing it as people leave unless you do something this. don't get me started. >> well, the governor said even though the senate passed it, the house -- >> they didn't have an auto industry or a bailout in illinois. that's purely just mismanagement of the whole pension situation. >> but it's failing to put the money in they've promised he year. there's a lot of states that promise these things and -- is. >> the whole detroit thing we'll talk about. it's a tough one because on the nightly news you'll see every retiree. they'll say, if a dollar is cut out of my pension -- >> and by the way, tier not making massive pensions. >> i know that. but right now, there's no city services. >> and detroit is a unique situation because you have seen a loss of the people living there. you can no longer support the infrastructure that was there for 1.5 million people when you see the numbers decline. >> and the journal has a piece and it sounds cold and heartless, but if public unions are
pay taxes on it. >> and given the recipe to uncle sam? >> right. you have to turn over your rights to the recipe. >> but you didn't have to change the recipe? >> n. we don't want to change it. this is the best recipe in the whole world. we don't want to change it or mess up things. >> how do you characterize the success of the show? it's number one on tuesday nights. we can now drink liquor in public, unlike the flapper year when we first broke in the show, we could not serve liquor. now we can. how do you explain the success? >> we got the best maker here. >> and you were on the run, too. >> i was on the run. >> true. but there was an anxiety to the episodes. >> yes. >> you were rejected four times, right? what was the difference? >> the label was rejected a couple of times. some of the information. it's just the accountability. the government really wants to know exactly what's in that bottle. >> and they really want their tax money. when we watch the show, and it's great. it's really interesting. if i were a moonshiner, i'd be worried all the time that you'd get arrested. >> we
have come in, in part, because of the tax hikes which created less damage. the fact is washington getting out of the way is a pre-condition for the private sector. >> i'll let austan weigh in on that. 92,000 federal jobs lost overall this year. do you think washington in action and sequester is hurting holding back the growth? >> it is holding back the growth. i thought it would hold back growth more than it did. i think most of the private sector who look at the economy for 2013 say that the austerity and the fiscal drag cut at least one point or almost two points off the system. i think austerity did not help the growth rate. >> i figured you would be opposite sides of the fence. >> 1% of the 1.5% is the tax hike. 1% of the drag this year out of the 1.5. >> i agree with that. >> meantime, signs this week that maybe i don't know, maybe the bailout -- automakers may be worth it. gm and chrysler, double digit numbers. treasury department planning to sell the last of its stock in gm by the end of the year. so interesting to me. do you think this proves what was first president bush
we are not spending enough money on education. let's raise taxes and spend more money on education. we spend more money per student than any other country in the world. and yet we're falling further and further behind. your wife also very involved in education reform. i mean it seems so many people have taken a real interest in this over the past decade. and the numbers keep slipping. >> they keep slipping. i'll quote my wife on this. her view is having worked in charter schools and curriculum reform is that there's no silver bullet. what might work in tennessee might not work in arizona, might not work in new york. >> one size fits all does not work. >> there's not a kind of, i don't want to sound like a states rights guy but there's not a national answer to this. it is, in fact, a national security issue. it's about imperial decline. >> mike, a very interesting thing about this study, poland one of the great success stories. one of the things they did was they focused more on who went to traditional colleges and who was moved over to vo tech areas. that is one area we have to rea
. >> are you going to push for a decline? sales to encome tax and then have a bank where you have a bank and put in $3 trillion, $4 trillion? you know can you do that if you push for it. >> i wouldn't doing repatriation holiday. i'd reform our tax code, bring the down, wut the loopholes whuch do that, you get some transition revenue. you can put that in a grand barg en kb. >> wool see youneck month. >> good morning, everybody. happy friday. what a rally we've got going here. whatever happened to fierce of tapering? we got cyclical groups, the telecomes, health care, defensive groups. we're up right across the board, folks. it's been a very strong rally right at the open but not strong inform a mr. one guy said it threads the needle perfectly. people putting together a list of what the skmik news looks like this week. here's a look for the bulls, gdp numbers very strong overall. auto sales, over 16 million, the highest in six years here. october home sales were the highest since june 2008. highest in manufacturing, highest in two and a half years and cyber sales were up 20% on monday. >>
closure or basically raise taxes locally and support these needed services. we don't have to see this happen. but right now the gridlock in washington is stopping us from getting to a solution that allows these essential services to be provided to everyone because everyone in the community depends upon it. >> brian, that's a really important point. not just poor americans but americans who need health coverage. living in new york city, living in other places across the country, nobody likes to see local hospitals shuttered. it's actually a very emotional thing for a community for a hospital to close its doors. i think that has a profound impact, actually, in terms of this ideological stance that republican governors have taken. >> this is going to sound bloodless to me but a what we're setting up is an expert where the politics of supporting obama care and the ideological tension on the right, whether you should tax wealthy people to finance, subsidize poor people is going to come into conflict with constituent issues. should we be shuttering that don't help, trauma victims and s
? if amazon is 56% gain this year, who the heck wants to let it go, pay the taxes? why would you? you would have a humongous tax bill brought on by yourself, and so far not many losses do. if you're an institution, you want to show your clients that you own it. that makes the stock blessed. third, unlike most of the bricks and mortar outfits out there, amazon does have a real mystery. the possibly of a lights out quarter could be in the cards. walmart and target keep going down. finally, when it comes to the worth of amazon, there is a simple answer you can get. it's worth what people will pay for it. the answer is they'll pay $400, or $178 billion for the stock where it was trading this morning before the pullback. that's when the discipline comes in. as i've been saying for a while now, you have to recognize that the idea of a bubble in stocks has kept you out of so many winners that it's just unforgivable. if you're a performance manager. look, i can't blame anyone for wanting to sell amazon, or so many other stocks for that matter based on valuation. i know it's way too expensive for my
different. it's more similar to seniors who sign up for medicare, people who file their taxes. you know, there are a whole bunch of things where you're providing information to the government. it's protected. it's governed by a whole series of laws. the nsa issues a broader issue. young people are rightly sensitive to the needs to preserve their privacy and maintain internet freedom. and so i am. that's part of not just our first amendment rights and expectations in this country, but it's particularly something that young people care about because they spend so much time texting and, you know, instagraming. >> whatever. >> something's coming up every single day. so all of us spend more and more of our lives in cyber space. now, the challenge is first of all we do have people who are trying to hurt us. and they communicate through these same systems. if we're going to do a good job preventing a terrorist attack in this country, a weapon of mass destruction getting onto the new york subway system, et cetera, we do want to keep eyes on some bad actors. the second thing is that the same cyb
people sign up online start to finish and for a time has felt like he's making progress. >> it tax like two minutes to get the results. this is what ear eligible for, would you like to enroll, and choosing a pair, some plans and premiums. it works very well now. so it's exciting that people can come in and in like, half an hour, find insurance. it's rewarting. >> a sort familiar with the situation says in fact over the last month about 100,000 people have been able to select plans on the troubled healthcare.gov, as they've made improvements. add that to the 231,000 confirmed enrollments from the states. that brings you to about 333,000. the big question now, though, is just what's happening on the back end, and sue, i can tell you insurers are still concerned they are not getting the right information when they get those transmittals over to them b. >> understandably so, bertha. thank you very much. we turn to that del re derailment. mary thompson is live on the scene in bronx, new york, with the continuing investigation. mary, over to you. >> reporter: what a difference a day makes. wh
's aimed at offsetting the sales tax in april. and the shanghai composite pulled further ahead. meanwhile, the hang seng index added 0.1%. elsewhere, south korea and australia both ended just a tad lower. as for individual stocks, chinese property stocks came under some pressure after the official china securities journal reported beijing may remove caps on property prices next year, replacing them with supply side indicators and concerns still linger over a potential property tax system. now for some outperformers, let's take a look at the region's apple suppliers, seeing a strong boost from hopes that china mobile may reach a deal with apple to offer iphones. some phone displaymakers, cameramakers and case suppliers rebounded some 5% in today's trade. back to you, karen. >> sixuan, thank you very much update. charles has been telling us about this u.s. cash flood that you're expecting. are you saying buy u.s. assets, buy u.s. equities in 20 s14? >> things probably weaken at the moment because a lot of guys made a lot of money this year and they want to cash in and make sure they get the
steam or at the end of the year for tax planning purposes. keep in mind, this is an 85% increase from the numbers we saw in october and the highest levels we have seen since may. definitely, a lot of selling happening. here is some big names we saw the most inside selling over the past three months. best buy, $200 million worth of shares sold by insiders over the past three months. amazon saw $400 million worth of shares, including jeff bezos selling a chunk, and google and microsoft, $830 million. some top dogs, eric schmidt, larry page,er is sergey brin. retail with coach, ceo lew frankfort, and biggest was richard kinder bought nearly $8 million worth of shares in september. the biggest buying we saw was in davida health care, the dialysis health care, warren buffett's berkshire hathaway added a huge chunk to their stake. they've been steadily adding over the last couple of months. maybe not a big surprise. traders said, some of this is seasonal, some is tax planning. when you've had stocks with such a big run, always interesting to note which stocks are seeing the biggest insider
and your tax rates, they're paying a very low tax rate. >> i know. i covered that as a reporter for the l.a. examiner when i wasn't covering homicide. and i said, boy, the rich people get richer and richer. at that point, i was very involved in the unions. it was an early precursors to what happened. i led a wildcat strike once in my life. >> did you really? >> yes. i did. we got completely annihilated. >> you've done so many things. >> i was one of these protesters. you have to boycott jp stevens? i was wearing jp stevens clothes. everything i did was -- >> one man at a time. >> it was such a disaster. every time i got involved with unions, it was bad. you didn't want me in your union. >> let's get to pisani and see what's moving dow down 25. >> modest declines, moving 279% on that better than expected gdp report. electronic stocks, housing stocks getting hit more than the rest of the markets. gold getting crushed again today. mentioned the gold miners, five-year lows that we've seen recently. i want to take up your question this morning, jim. because i think that's the right question on
argue automation has hollowed out much of the middle class as well because many tax prepares, people like that, you don't need them anymore because you can use your computer to do it. now we're moving into the low wage sector and that's a sector that had been growing. this month, not as much. good news as we got better jobs this month. >> 203,000 jobs created. unemployment rate, the best it's been since november 2008. and you're on track really here for 2 million jobs, you know, 2 million jobs this year. that's not bad. in fact, it's the best we've seen since 2005. also, you know, car sales were good, too. if you're confident enough to buy a car that tells me the economy is turning. >> i think it's a turning point for people who have -- who have a job or are nearly unemployed. nothing has changed for people unemployed here. >> no, it hasn't. they have a much lower confidence in the economy. they're feeling left behind. and they are left behind. >> you're seeing the low wage paycheck to paycheck worker is holding back. somebody who has a job, savings, not under water, they're starting
government shutdown and do keep the spending caps in place and don't raise taxes at a time when the economy is still weak and i think we can accomplish that over the next couple days. >> one issue still being debated extending long-term unemployment benefits. last week house mortgage leader nancy pelosi said any deal must include an extension but dick durbin said that is not the case. >> i don't think we've reached that point where we said this is it take it or leave it. what i hear from patty murray, i spoke to her the other night negotiations are making progress, moving in the right direction. >> congress has scheduled to begin its break this friday and not return until january the 7th. >>> well, a week after that deadly commuter train wreck in new york officials are upgrading signals. the new signals are expected to be up and running this morning. of course, four people were killed last sunday when a metro north train hit a stretch of track at nearly three times the speed limit. metro north now reducing the maximum speeds at 26 locations across the system. an attorney for the engineer op
of comprehensive jobs bill, of getting some kind of infrastructure, of getting tax reform which is what businesses say they'll need, he may have to use the next three years to make it work, and this may be what he's left with as his big legacy issue. >> but you write it's not just about the website. there are a lot of challenges ahead about will this thing float? >> the website is not fixed, either, particularly on the backhand. you have to deliver the information to theinsurer and you're not getting accurate information to them. they don't know who is signing up. that's the big problem, young people not signing up right now in the numbers they have to to make this work long term, so you'll see problems with people not just losing their insurance policies but beginning to see what these narrow networks in these new policies. i can't keep my doctor, and by the way, maybe the price is not going up in 2014 by policy but by 2015, and that politics is going to roll out and hurt the democrats. >> going on the offensive as he did this week, it certainly plee pleases the base. is it enough to change the i
're going to say wait a second i'm paying higher taxes than anybody in the country other than california. this is like education, this is like health care. it's not that we don't spend enough money because we spend more money per pupil and per patient than any other country on the planet and we spend a lot of money on transportation. why aren't we getting the transportation we deserve from our government? >> well, first of all, joe, stimulus failed for two reasons. one, the percentage of money on stimulus and steve can give you the exact percentage it was very low. barbara boxer and jim inhofe tried to triple the money spent on stimulus and it was beaten back. secondly it was a two year program. you can't repair the infrastructure by patching it up for a year or two. we need a ten year infrastructure revilization program. if we did it and did i want at the right levels we could create four to five million well paying american jobs that couldn't be outsourced. we could bring back american manufacturing. there's some things that could be done by an infrastructure investment program but it
to pay the tax year? >> there's a lot of people positioning themselves for a big number on friday in the nonfarm payroll. they say why not teak profits. alternatively there's a vacuum of information and people say i got a great year. i'm concerned only that when you get to 3 there will be another wave of selling and that may be when you buy. that wave of selling. not this wave. >> do a little picking. always good to pick. >> we did come into this week giving all the reasons why there were very few reasons to sell. >> and that was bad. i fell into that complacency. by the way, there is one place where we saw -- i want to point out i like oil here. you have opec saying all the right things, you have no real cutbacks. you have this glut finally ending because you finally got the selling keystone part out of curbing. that is very good for the domestic oil companies and not so good for the refiners. >> the biggest losers this morning, valero -- >> a lot of people said goi goto get into refineries, i got to get into refineries. michelle caruso-cabrera yesterday with a fabulous piece abo
years instead of 10. dynamic versus status growing. different outcomes and tax policies. >> it seems, though, we've hit a wall here when it comes to fiscal policy in this country. one side says we're spending way too much. and they seem to have a point. the other side says, we need a better, more simplified tax policy. and they have a good point as well. what can you guys bring to the table that will help clarify things to end some of the gridlock that exists so badly in washington right now? >> this is a good question. the first thing you need to make a good decision is good analytics and good commentary. information to make a good decision. we hope to be able to bring really good information that's nonpartisan, reliable and authoritative to the process. that's point one. the other thing i would say is that from my perspective today, in terms of where we are with fiscal policy, both our long-term policy, which is undisciplined and has excessive spending going out forever, and our short-term policy which is tightening, are both wrong. in fact, what you want to do is precisely opposit
had nearly two percentage points of tightening. two percentage points of gdp and, you know, tax hikes and spending cuts last year. previous two years was local. this year less than half a percent. >> we make it smaller spending cuts. last is household wealth. increased again in the third quarter by almost $2 trillion. at the depths of the recession, it was neutral. now they're both going up double digit. that's going to add well over a percentage point to consumer spending. this is the time when growth should pick up. as you said this is also an important time for a couple of reasons because the hope is that cycle starts the broader, more sustainable, more widespread move that helps people get off jobless benefits as they run out. all of these extreme mers prosecute expiring so this has to be the year we see that pick up. food stamps and all of it. >> right. other things have been expiring before like the big fiscal stimulus package. a lot of that has come off already. it may not be great for investors. if you think about this past year, what happened? we
to 1896, jim. >> again, that's people i think not wanting to take tax -- not wanting to have to pay a tax bill. really, again, "usa today" wall street looks like pamplona. you think this is an article which says bubble, bubble, bubble. instead it is about how broad the advance is. it's a very positive article how the advance is different from some of the advance that is have led to big falls. very smart piece. >> the dow's gained year to date three times the gain of last year. do you expect that trend to continue into 2014? in any way? >> i think it's very hard if we forget we will have another washington bruising. right? do you think anything's gotten better there? i mean, we don't mention the health care. everyone talks about the health care site. i saw oracle mentioned as a possible problem in the "the new york times" piece and a thing that dazzles me is how we forget. right now. that there's a republican party that hates the president. but in another month we'll talk about that ian good for 6%, 7%, 8% decline. >> without a doubt and facing the same issues we faced a couple of months a
the christmas recess? well, yeah. they're going to go shopping. they're going to take your tax dollars and go shopping. and now if you're asking me if they're going to make a deal, probably not. it's the congress. stick around. rapid response panel coming up. >>> i'm jane wells with your cnbc market wrap. the dow dropped 77. the s&p lost four. and the nasdaq down 14. this despite good news manufacturing activity topped expectations in november, growing at its fastest pace in more than two years. construction spending edged .8% in october. this is its fastest pace in more than four years, driven by a boost in government project. and today marks the biggest online shopping day of the year, cybermonday. analysts expect over 131 million people to jump on the web for the best holiday deals. excuse me while i get back to shopping. that's it from cnbc, first in business worldwide. as your life changes, fidelity is there for your personal economy, helping you readjust along the way, refocus as careers change and kids head off to college, and revisit your investments as retirement gets closer. whereve
,000 people or rolling back the earned income tax credit or pushing the voter suppression law that we're seeing now that's the worst in the country in north carolina, all of that, you see the money imprint and the handprint imprint and the philosophical imprint of either art pope or groups he has backed in such a wrongful way. and that's why we're fighting. >> do you think that people in north carolina broadly understand the connection between that agenda that you just described and the network of discount stores that have made the pope family so wealthy over all these years? do people already know the connection between those po policies -- >> no. >> -- and those stores? they don't. >> no. that's why we're doing these informational pickets. now, we hope in this season of christmas and hanukkah, his own conscience -- we've actually asked to meet with him -- that he would change. we have to believe in the possibility of redemption. we've shared with him that it's against our greatest moral values, we've talked about scripture of woe to those who use their wealth and political power to
strong economic growth. in other words, the rising tide lifts all boats. we don't need redistribution tax hikes, we don't need state run health care, more spending, lower the incentive barriers and bring us growth. here's another big problem for president obama, the millennials are abandoning him and obama care in droves. a new poll shows plunging
who may be struggling themselves to put food on the table to give their tax money to you, and then you're not even going to buy food with it. you're going to buy booze and drugs with it. >> first of all, i know he has to know better, because he's hipped us with action network feed the poor on christmastime. and has talked about it on his tv show. so why smear and bring this up to try and act as though people really don't need help, because there may be some that abuse it. when clearly, there are some in every economic ladder that abuses wherever they are. >> this is echoes of ronald reagan talking about welfare queens driving around in cadillacs. there is zero evidence to support anything he says. but here's a guy, bill o'reilly who has invented this whole, crazy idea that we're declaring war on christmas, and he has declared war on what christmas is all about. you know, when i was growing up, our family didn't have much money, but we were always taught to give what little we could to help people who were less fortunate than we were. and we never considered that class warfare. i went t
, december is a cruel month for losers and the tax law selling that i think are turning could be brutal here from now until year end and then it clears up. mdr is for me. stay with cramer. >>> coming up -- digital dollars. your cash is moving to the cloud and a new crop of companies are helping to transfer money around the world. but as more dollars are distributed online. cramer's got the play. [ male announcer ] here's a question for you: where does the united states get most of its energy? is it africa? the middle east? canada? or the u.s.? the answer is... the u.s. ♪ most of america's energy comes from right here at home. take the energy quiz. energy lives here. >>> we're an interactive show here. on monday i got a call from cody in florida. wanted to know what is happening with the downward sled ride in xoom, the billion dollar company that's basically an online money transfer service. i said i wasn't sure. i've got to take a closer look. xoom came public back in february. shot up immediately 21.50 on the first day of trading, for a while, a pretty darn good year, ran up as high as $3
. if a tax reform bill passed tomorrow, if an immigration bill passed tomorrow, that's tens of billions of dollars in consulting, lobbying, messaging fees that are not going to be paid out. >> let's take one example. april 20th, 2010, the deepwater horizon oil well, oil rig, explodes in the gulf of mexico. 11 people killed, the largest marine spill in the history of the industry. oil gushes onto the seafloor for at least 84 days. you, leibovich, look at that crude oil flowing into the gulf, and you see an equally large flow of cash spreading across washington, covering our nation's capital to, as you say, "manage the crisis." now, tell us how they set about to manage that crisis. >> so, bp is in this whole heap of trouble, okay? they have this disaster that they are pegged with. the president looks powerless. i mean, what are you going to do? you have this awful calamity taking place. systematically bp is spending tens of millions of dollars to basically tie up the most prominent washington democratic and republican lobbyists, media consultants, ad people, to where you had an all-star r
program. i'm eager to see what he says there. that's something that i think -- >> get a tax credit for hiring someone that's been unimploempl. >> these folks are really in trouble. >> we should do both, right? we should help the folks that are still in trouble. kevin is right, there is an element of the unemployment rate that is there because of the ui program. but even given that, it's been -- >> people that stay unemployed because they can get enough from unemployment. >> yes. there is a lot of research and debate. but my estimates, 10.2 3% of unemployment is due to the ui program. the net benefit of this is very significant. kevin is right. we have to work on long term employment. >> i just say that i disagree we should do both in the following sentence. what we should do, if you want to give more money to people currently unemployed. just give them the money. give them a lump sum of cash. don't make them stay unemployed for another three months to get the checks. if you give them a lump sum of cash, they go out for a job right away. >> a lot of the long term unemployed, there a
and announce a new program. i'm quite eager to see what he says there. >> that you get a tax credit for hiring someone who has been unemployment for a certain time. >> these folks are really in trouble and the good unemployment news doesn't really affect the long-term -- >> but we should do both. we should help the folks that are still in trouble. kevin is right, there's an element that's there because of the ui program. >> and people that stay unemployed because they can get enough from unemployment. >> there's a lot of academic work and research, but my estimates a percentage is due to ui benefits. kevin is right, we have to work on long term structural unemployment -- >> but i want to say i disagree that we should do both in the following sense. that what we should do, if you want to give more money to the people who are currently unemployed, just give them the money. give them a lump sum of cash. don't take them stay unemployed for another three months. >> mark zandi, annie lowry, kevin hasset, thank you for coming by. >>> when we return, he called nelson mandela one of the greatest leader
cap plus the debt minus the cash divided by the earnings before interest, taxes, depreciation, amortization of 9.8. credit sweiuisse. the stock still has plenty of room to run. if that's how you want to value it. meantime, trading at 19 times next year's earnings, which is well below the five and ten-year averages and not too pricey considering it should be able to grow earnings at a 40% clip. the bears at goldman think it's time to sell masco and swap with nonresidential construction plays as the space starts to turn. i think they're wrong. i think they're wrong to write off masco and i agree with the bulls and believing this stock could have more room to run. i say stick with masco and stick with cramer. lou in oregon, lou? >> caller: boo-yah, skedaddy. >> i'm not booing, i'm louing. >> caller: hey, about six months ago you, recommended and i bought two stocks, american realty capital properties and also health care reit. i'm wondering, should i by more? >> i would. look, these are all about -- this group has been killed because of rates going higher. and when we get the ten
, business tax breaks. ear thing that you've been at the forefront of, the issue of the expiration of a law that bans undetectable plastic guns. what can get done, congressman? >> well, actually there's a lot we could get done if house republicans would show a willingness. look, the senate on a bipartisan basis passed comprehensive immigration reform. house republicans said no. the senate passed the employment nondiscrimination act. house republicans said no. the senate on a bipartisan basis passed a fair farm bill. house republicans said no. you know, if we're going to say no to no in the next election, the american people want progress on these issues. when you have the united states senate on a bipartisan basis enacting these laws and you have a house republican leadership that is so obsessed with ambushing the affordable care act that they won't even bring these things up for a vote, that is a massive problem. >> so do you think, congressman, nothing is going to get done in the next two weeks? do you think that the possibility exists that something will happen? >> look, there is no reas
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